Free Republic

British Prime Minister Liz Truss is going big. Her Chancellor, Kwasi Kwarteng, has unveiled an aggressive program of permanent tax cuts. The Wall Street Journal likes the plan:Mr. Kwarteng axed the 2.5-percentage-point increase in the payroll tax imposed by former Prime Minister Boris Johnson, and canceled a planned increase in the corporate income tax rate to 26% from 19%. … Kwarteng also surprised by eliminating the 45% tax rate on incomes above £150,000. The top marginal rate now will be 40%.As a percentage of GDP, it shapes up as the biggest British tax cut since 1972. From the Telegraph:As you...